Despite a record low inventory of homes available for sale in Toronto, the level of sales reached the second-highest level on record for the month of October. 9,783 homes sold in October, surprising many, not that the demand was so high, but that the demand was met to so great a degree. With the listing inventory remaining so low, prices had nowhere to go but up. Since the start of the year prices on average have increased by 17% and increased 19.3% over October of 2020. With only 7,750 homes available for sale as of the end of October, November should see a continued increase of multiple offers and price increases.
Prices increased across all major home types compared to last year. The annual rate of average price growth remained in the double digits, including the 416-area code condominium apartment segment, which was lagging in comparison but is slowly making its way back.
Despite the lack of inventory, with 1.2 million new immigrants coming to Canada over the next three years, today represents an excellent time to upgrade your home or purchase an investment property for you and your family's future.
Please give me a call. I would be pleased to discuss the market and the opportunities that exist in it. And let me assure you that opportunities do exist! You just need someone with my experience that can help you and your family achieve your goals.
Have a great November!